LASIK Payment Options: HSAs & FSAs

After consulting with an eye care specialist to determine your candidacy for LASIK, your immediate consideration may be about how you will pay for your procedure. Fortunately, even with changes made under the Affordable Care Act, LASIK is an eligible medical expense, which can be covered using dollars from your health savings account (HSA) or flexible spending account (FSA). To get a better understanding, read below HSA and FSA Comparison for LASIK eye surgery financing options.

HSA and FSA Comparison for LASIK: Key Facts

Both HSAs and FSAs have rules that determine how you use your dollars from these accounts to pay for the procedure and possibly even when you schedule your procedure. The below chart contains key HSA and FSA facts to consider when planning LASIK.

HSA

FSA

What is it?

Consider it a longer-term savings plan for health care.Because money put into an HSA rolls over year-to-year, an HSA is a good option if you aren’t in a hurry to get LASIK, and you want to save for the procedure and other health-related expenses.

Consider it a shorter-term savings plan for health care.Because money put into an FSA is available immediately, an FSA is a good option if you would like to get LASIK right away, and you know you won’t have many other health-related expenses.

The majority of employers offer FSAs. However, holders of general-purpose FSAs cannot contribute to an HSA. Those who have an HSA can participate in a limited-purpose FSA, which covers eligible vision and dental expenses.

For 2014, HSA pretax contributions cannot exceed $3,300 for an individual, $6,550 for a family or the employer’s plan maximum.LASIK costs an average of $2,073 per eye. Because HSA funds roll over from year to year, patients could save enough to cover the entire procedure.

For 2014, FSAs have an employee pretax contribution limit of $2,500 for medical care.LASIK costs an average of $2,073 per eye. Although FSA funds do not roll over from year to year, patients could use the funds to cover a portion of the procedure.

Can my employer make a contribution?

HSA accounts often include an employer contribution.

Employers may contribute to FSA accounts.

When can I use the money?

Funds become available as they are deducted from the employee’s paycheck and deposited into her HSA account.

The entire amount the employee elects to contribute is available immediately. The employee’s deductions are used to “pay back” the money.

Will I lose unused funds at year’s end?

There is no “use-it-or-lose-it” policy with HSA accounts. HSA funds also accrue interest over time.HSAs allow greater flexibility for scheduling LASIK. Patients schedule their procedures when they are personally and financially prepared for it.

Employers may offer a two-and-a-half month grace period for employees to use FSA funds after the end of the year.Alternatively, the Treasury Department will let employees carry over $500 in unused balances into the following year to avoid the “use-it-or-lose-it” rule. However, some employers won’t permit this due to administration costs.FSAs offer less flexibility when scheduling LASIK. Patients must schedule and undergo their procedures before their FSA funds expire.

Advantages of Using a Premium LASIK Provider

In addition to providing top-notch care, premium LASIK providers make it easy to pay for your procedure using HSA or FSA funds. All you have to do is give the provider your health care debit card one time. Provider staff members take care of paperwork and other insurance-company logistics, so you don’t have to deal with the hassle. Find a Premium LASIK Provider near me.The above are general guidelines applicable to most plans. Your individual health insurance may vary. Consult your plan provider or human resources representative for information specific to your situation.

Additional

*Individual results may vary. See Frequently Asked Questions for more information. Photography contains paid actors, not actual patients. Testimonials are from actual patients. Most recommended claim is based on a 2013 LasikPlus study of 500 respondents who received LASIK from various providers. Respondents treated at LasikPlus recommended their provider to their friends and family at a higher rate than patients of any other provider included in the study.

♥$250 per eye price applies to patients with qualifying insurance coverage receiving treatment for up to -1.00 diopter with up to -1.00 diopter of astigmatism, performed with the traditional excimer laser (Advantage Plan not available). Prices range between $247 and $2,299 per eye based on prescription, laser, Advantage Plan selected as well as patient's insurance coverage. Previous Laser Vision Correction of any kind are ineligible for $250 price offer. Not valid at LasikPlus locations in Ft.Lauderdale, FL, Oklahoma City, OK. Best price when compared with other national LASIK provider pricing advertised online as of 10/31/2014.

♦♦Savings is $600 ($300 per eye), or 15% off your custom treatment price, whichever results in the greatest savings. An active insurance card must be shown at the time of pre-op appointment to qualify. Only applies to LASIK or PRK. LASIK exams are free of charge. No coupons required. Discount cannot be combined with any other offers or discounts. Other medical exams are billable, may be covered by insurance and require a co-pay and deductible charges if applicable.

Managed Care members are those who are enrolled in a participating health or vision plan.

^ Limited time offer. Only available to members of participating health and vision plans, or members of LasikPlus partner companies, who schedule via their plan/ membership are entitled to this limited time offer. Savings is $400 per eye on a Custom Wavelight Treatment with Lifetime Advantage Plan. Discount may not be combined with any other discount.

**Medical exams will incur a charge that may be covered by insurance.

ƒSavings is 20% off standard price or 5% off promotional price of LASIK or PRK. Discount cannot be combined with any other offers or discounts. Public Service Personnel includes firefighters, police, EMT, paramedics, doctors, nurses, military personnel, and teachers. The person must provide valid proof of employment or service at the time of appointment in order to receive discount. Valid at participating locations only. Additional restrictions may apply. Ask your vision center for details.

**/‡Financing Options Guaranteed with Premier Pay in-house financing: Down payment amount varies from $0 to $1,000 per eye based on FICO score. The interest rate is based on program length and varies from 0% to 19.99% APR. A $25 set-up fee and $3 monthly processing fee may apply. No minimum purchase amount is required. Excludes Ft. Lauderdale, Northville/Shelby and Oklahoma City LasikPlus® locations.